Off the Charts

The 2013 market continues to impress. Yesterday the market shrugged off Friday's Wall Street Journal article about the Fed's potential exit plan from QE, and today both the Dow and S&P extended to new all-time highs in a steady and broad rally. The market opened around the flat-line but was off to the races once the bell rang following bullish comments from well-regarded hedge fund manager David Tepper in his morning appearance on CNBC. The S&P finished the day up 1.01%, the Dow up 0.82% and the Nasdaq up 0.69%.

This market does not seem to know the meaning of the term "rest" this year. After holding above 1622, the new upper level floor of support, the rally extended higher today with the banks leading the charge. The old adage, "sell in May, go away" has not held true this year as the S&P is up about 3.3% in less than half the month. The strength is impressive as the S&P has failed to trade below a previous day's low on its most recent climb above 1597. Earlier this year, we stated if the S&P traded above 1576, it could have a measured move to 1700 by 2015. At this rate, it could happen by the end of the month!...771 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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